Closed: FB tracks \(V_{\mathrm{ref}}\). Open: the pass FET is a dropper. Load step at 80 µs.
LDO · blue pass \(P\) · amber error amp \(C\) · teal divider \(F\) · violet \(V_{\mathrm{ref}}\)
VOUT · load step at 80 µs · band is \(V_{\mathrm{set}}\) ±5%
FB and \(V_{\mathrm{ref}}\) · same load step